Five tax changes Rachel Reeves is likely to make in October

[@garrym5682]

None of these are remotely close to being loopholes. ISAs were created for the purpose of encouraging saving, and to claim them a loophole (sounds like Labour speak)is utterly dishonest. Loophole is a term applied to make something sound like an underhanded accounting trick.

[@Respectforpensioners]

You just described the labour party….an underhand accounting trick. Get them out.

[@jam99]

Completely agree. Clickbait speak.

[@razachaswills5076]

ISA’s were created to encourage investment in businesses. Hopefully British businesses who trade all over the world. The benefits return to Britain, but this Labour Govt care nothing for growing our industry, they want to Turn us into a third world country.

[@garrym5682]

@ScottM-u2b no they didn’t. Labour just changed the name. John Major introduced TESSA accounts and PEPs during the last Thatcher government. These had a name change under the first Blair government and just morphed into a whole bunch of differently branded ISAs.

[@anne13river]

@@jam99 well if you put 10 in and get back 4 in tax relief ,what would you call it. Is it equitable ?...of course not !!! . One law for people who can do it and f... the rest. If the feeling is it's unfair for those who have put money into schemes already, let there be no doubt tax free allowances were always around and once you exceed the basic tfa you pay tax, end of....

[@petersmith6520]

Govt prefers that we are all poor and collecting pension credit or other benefits so that they are in control of us. Controlling how much money we receive and what we can do with it.

[@manni192]

Agree. They want the vast majority of working people on benefits

[@46FreddieMercury91]

2tier did say he was a wef luvvie, before the general election. This is the result 19.8% of the electorates stupidity. Meanwhile his wife gets 76k worth of clothes gifted. Socialism as long as they don't have to follow it

[@keithnewby7949]

He's a WEF puppet is kier starling starmer

[@leotownsend2738]

@@keithnewby7949 Him or the £200m+ net worth predecessor? I think he'd quite like to be thought of as a "Starling" too....

[@helenisherwood3325]

@@petersmith6520 I can’t see how this would work though, they need our taxes to pay people on welfare, provide taxes, etc. if everyone is on welfare who’s going to pay for everything? They’re contemplating stopping non means tested pensions because of the cost.

[@runningman5871]

Many self employed use ISA's instead of pensions as the cash is available if needed. They'd kill the whole ISA market with 100k limit.

[@calvintaylor4033]

Not self employed but hoping my ISA supplements what meagre pension I receive / am due.

[@alanfoster48]

With the #CONSERVATIVES looking at full on extinction, This #LABOUR Government are determined to follow suit after only 2 /3 months in office their self destruction is inevitably sealed, The people of this country will NEVER forget the cruelty and total disregard they have inflicted on its own people , So, In that respect where does that leave us ? We have a choice, We can vote for the Lib Dems , Who are led by a buffoon akin to a circus clown one day , A third rate Trapeze artist the next or a performing seal clapping for three day old fish , The green party who will have us all dwelling in caves and grazing in the field's competing alongside cattle for sustenance, The Raving loony party 🤪 , Or #REFORMparty UK , Who At least seem to have won the HEARTS and MINDS ot the people OUR day will come

[@paulanderson7338]

The politics of envy, if you've done alright, saved a bit, worked for a decent pension, have an ISA, they want a chunk off you. Bastards.

[@aberavon]

@@paulanderson7338 those are my sentiments.

[@calvintaylor4033]

A lot of people probably struggled and didn't have much. Now that the most major expenditure in life is out of the way ( mortgage and kids ) they may have started to accrue some wealth, I just feel this lot are going to come along and hoover it all up. Let's face it if we carry on like we are performing now that black hole is going to be a permanent thing 🤔 and they are going to carry on wanting a slice of your cake.

[@richardstewart4545]

why not cancel their own heating allowances and many of their own expenses

[@iambarks2814]

@@paulanderson7338 no the wealthiest 10% have sucked money from everyone else, taking advantage of others wherever they can and about time the balance was shifted back.

[@Petersworld77]

@@richardstewart4545 that’ll do it 😂

[@stumac869]

Who'd invest in the UK if they do any of this? Particularly as you've no idea what these idiots will do next.

[@davidmcintyre998]

I do not know if its true but evidently the UK economy has flat lined for the last two months, the money will simply go elsewhere jobs will go and the bleating will start, this attack will not stop with pensioners.

[@crayontom9687]

GDP per capita is lower now than in 2019. So nobody’s investing anyway, may as well squeeze the rich until the pips squeak, they’ve had a good run

[@danguee1]

"no idea what these idiots will do next" absolutely nails it...

[@peterc.1618]

Many of the richest people have already started leaving the country.

[@MarkHarveyArt]

They’ll grab everything they can under the premise of a brighter future then be back again in two years time for another tax grab when they have lost it all from this one. Incompetent to the core!

[@stevenmoses5807]

Please guy Fawkes comeback we need you. All is forgiven

[@2525Hudson]

😁

[@mashm6866]

He is the only honest man to ever enter Westminster.

[@sallypickard2227]

Don't say this we will have to pay ..for the rebuild

[@mashm6866]

@@sallypickard2227 But without a heating system.

[@kevincowan2639]

We need Sunak back as chancellor

[@johnsteed9083]

I still can't understand the reasoning behind stripping people of wise investments, who have done the right thing as not sponge off the state and give it to the scrotes who have done fuck all, all their lives.

[@parishesofthebuzzard9437]

Spot on. They are putting a lot of scare stories out there, so when tax changes come which are much more lenient, people think phew. Gaslighting if you want.

[@QuantumTribble]

Because Labour has always hated people deciding how to spend their own money. They’d rather take more off everyone, give it out in ‘benefits’ then scare people into voting for them because the ‘Nasty Tories’ will tell their benefits away.

[@kissofthelabrador3998]

Because the scrotes vote labour.

[@peterstewart6390]

It’s called “ socialism “ ….it doesn’t work …and hasn’t ever worked in any country across the world And still they try it …force it down our throats ….but it paralyses those who work hard …save …abide by the law ….pay their taxes…until they get to a point where they say “ why the f… am I bothering ?” The only winners are the lawless …the feckless …the workshy …the chavs …and the “champagne “ luvvies who virtue signal and are comfortable enough to be shielded from it .

[@sandradavies7804]

It's the marxist way. Those people tend to vote for the party that keeps giving them money for nothing.

[@beeleigh23]

Heres a wild idea. How about they cut the obscene waste and leave us all alone?

[@timg1246]

There main plan to cut waste involves giving Mrs Starmer a clothing allowance.

[@johnnagle7702]

My thoughts exactly

[@surpriserakins9067]

Obscene waste is a myth.

[@glostergloster6945]

They are about to with the Winter Fuel Allowance cut, but everyone is up in arms about it. Why shd taxpayers be subsidising the high prices of energy barons?

[@johnnagle7702]

@glostergloster6945 agreed but because we have this system imposed its difficult to pull the rug from under their feet.As it stands older people have been targeted

[@Ukmongoose3]

I’m not okay with any tax rises. We already pay a fortune in tax and it gets wasted.

[@composedlight6850]

get ready --- they could go back to1974 then the top rate on earned income was raised to 83%. With the investment income surcharge this raised the top rate on investment income to 98%, the highest permanent rate since the war.

[@leotownsend2738]

Tax should be applied on assets for: 1% on assets owned by people worth £10m - £15m and above. Then 2% for assets held of £1bn +. This taxes only a small portion of their yearly growth, and doesn't unfairly tax those that genuinely work for a living.

[@kevincowan2639]

What’s been your biggest tax bill Ukmongoove? 🙂

[@Ukmongoose3]

@@kevincowan2639 Lots. Three camels and four skinny cows. All I ever had.

[@ArthurShelby481]

Uplift rule I find is fair. £120k tax bill on £500k and you still have £380k in your account. We all want a free NHS, Scandinavian style health care but low taxation, it doesn’t work.

[@NakamuraRTS]

I wish they went after the overseas territories that are used for tax evasion instead of all this. What you describe is all 100% middle class taxation, and will hardly impact those actually wealthy.

[@Phucket24]

The government will not go after the overseas territories, mainly because that’s where their money has been stashed

[@1amjapan]

Correct, this is the destruction of the Bourgeoisie...as planned.

[@DawnBreaker118]

No way , that wud be un patriotic

[@bikeman123]

You mean all the tax evasion territories put in place by the city of London with the complicity of the UK goverment when the commonwealth was dismantled.

[@tpynegar01]

Wealthy people can just leave so the middle class are always going to be the one's paying because they can't leave with their assets. There are plenty of other options apart from the overseas territories you can move to if you have the money.

[@stevantunic511]

Spend the lot by 70 then live off pension credit, that's my plan.

[@salguodrolyat2594]

There won't be any pension credit by the time you turn 70.🤣

[@sayitlikeitis8759]

No pension credit for you chum, might be offered MAID instead though …….

[@stevenm9067]

Buy gold coins.

[@MAHMED-s6h]

Does it pay working all your life . The drawback is you can't claim pension credit. Totally unfair system.

[@stevantunic511]

@@salguodrolyat2594 They will always have to look after pensioners with nowt, it's the ones in the middle who are going to be out in the cold, literally.

[@davidbettney785]

Scrap the foreign aid bill and save £14 billion

[@oldboy9949]

@@davidbettney785 Fully agree, borrowing money to give away is the economics of madness, unless, they are giving this money to their cronies. HS2 is unaffordable but then we pay so that the train owner cronies can get rich. It all makes sense when you see how simple this scam is. Simpletons keep voting these parasites into power, will you stop voting labour or Tory.

[@JohnTruscott-gz9ly]

@@davidbettney785 and much more!

[@akula9713]

Most of it is bribes to enable trade.

[@JimBob-vg2og]

Starmer will increase it to 20bil

[@jam99]

It would be nice to see an educated thought out counter argument.

[@nigel-jg4dn]

How about Starmer paying tax on his pension. What`s so special about him?

[@salguodrolyat2594]

All pensions are equal. But some pensions are more 'equal' than other pensions.🤣

[@6581punk]

The Tories should have repealed that law. It would have looked vindictive but why should he have his own law?

[@tobytroubs]

Their Pensions are exempt of course....and Blairs millions are offshore

[@mrmeldrew693]

Dunno, something about a tool maker.

[@jackiemadden4024]

He’s worked it so his pensions will be tax free you couldn’t make this stuff up he’s a greedy grubby freeloading idiot

[@garycroft8213]

CGT on inherited property would only be fair if indexation against inflation were to apply again, otherwise part of the tax on the gain is really just against relative value. In addition gains should be offset against improvement costs.

[@alistairrobinson3865]

@@garycroft8213 yes in real terms UK property hasn’t increased over the past 20 years, we just think prices have rocketed because wages have stagnated…

[@timmyp9564]

Also would mean potentially getting stung for both CGT and IHT at the same time…

[@matttwelvetrees4819]

Basically paying tax on the inflation... cheers!

[@glostergloster6945]

You dont get relative value uplifts on your income so why should you on an asset? If I get a CPI+3% payrise, I dont get an offset for CPI.

[@davidellis8141]

Good point.

[@D_B_Cooper]

Waste all your cash bar enough for a flight to France and a small boat back

[@Carol-o7k]

🤣😂😅

[@johnnewington6635]

So true

[@gazzertrn]

Nice one 👍

[@D_B_Cooper]

@@gazzertrn I consider myself an old school leftist and this shit has to stop. There’s always enough money for whatever ‘they’ want money for

[@richardlewis5316]

Then everything free - woopee

[@lzl3lol]

I told everyone labour wouldn't be any better. So far, 2 months in, im stood here saying I told you so.

[@suewright3345]

2 cheeks of the same ass...this is the puppet agenda for Labour...you cannot make this nonsense up...

[@well-blazeredman6187]

@@lzl3lol Labour are WORSE. Starmer is giving us the full (Trot) crazy.

[@burrowski]

I also said the exact same! Told everyone in the office at work dark times are ahead under the labour communists

[@mrmeldrew693]

They are far worse....and I absolutely despised the old lot.

[@mikerodent3164]

Labour are already better than the corrupt, incompetent escumb who went before them. I'm rich, even by "boomer" or London standards. I voted Labour so that they would shift the tax burden very markedly towards the rich: rich in income and rich in assets. All these proposed measures would do PRECISELY that. They're actually probably not being considered by Reeves: this "report" comes from The Times, which under that grubby Australian was always likely to become a sordid shadow of its former self. So it has turned out.

[@AndyP-b9z]

This has to be the most anti-aspirational government during my whole adult lifetime.

[@mike7920]

@@AndyP-b9z they won't stop until they have completely demoralise everyone

[@kazm5068]

@@AndyP-b9z not if you’re an illegal

[@video99couk]

Got to pay for Brexit.

[@YakovShani]

Levelling down. It's socialist/communist ideology. Creating personal wealth is a moral transgression in their opinion.

[@brentwestbrook]

@@video99couk Not really. I profited from Brexit by summarising the regulation from HMRC and introducing that to many businesses that didn't engage in a timely fashion to leverage the new status. And I paid tax on that. What did you do?

[@kazm5068]

I’m just going to tell my kids to rent, spend their salary, not save,and when they retire they can become a burden to the govt Considering by then they’ll have paid over 50 years worth of taxes I think that’ll be their entitlement. Why on earth nowadays would anyone want to be self sufficient ? And if anyone says pride then I think that needs to go out the window !!

[@nigelbarton8350]

I get the frustration, which I share, but not the mindset. Owning is still by far the better option. On average a mortgage costs less than renting and at the end of it you own something. If you choose to sacrifice luxuries and pay off early, you can enjoy later life with no mortgage or rent. And if inheritance tax is raised, some of the value of my house is of more use to my daughter than none of it- she can still pay off her own mortgage etc

[@kazm5068]

@@nigelbarton8350 you’re 100% correct I’m just venting 👍

[@robertjones3613]

@@nigelbarton8350 IHT is stealing by any other name. The Government(s) should not be taking a penny off anyone's assets that they have worked and paid for all their working lives. I would hope, anything my wife and I leave when we die is passed onto our children as specified in our Wills.

[@user-Tortured-soul]

Pride in this instance definitely comes before a fall! I am disgusted at labours plans for us.

[@tonyhinton6581]

Money makes money, it gives individuals the chance to make their own way in life, if you take that away from someone they will have no ambition, my income tax/my council tax/my savings tax/my VAT tax is still not enough for this Government!!! We PAY their wages!!

[@johnchild61]

We also pay the public sector wholly a government body we also pay for their GOLD Plated Benefits in retirement, a two tie system grossly unfair,we are not all treated Equally for our Retirement Benefits,A job for the equality commission!

[@paulchristopher8634]

Over 9, 000 business have already left the country. Further policies by Racheal Reeves will do nothing to stem the flow

[@tonyhinton6581]

Stop sending £83000000 abroad to stop the boats coming over,only to fund the the Islamic state run countries that they are fleeing,

[@leotownsend2738]

True, but we need to look at what is acceptable and what is grotesquely rich. Those in the latter camp need to pay more on their fixed assets.

[@sandradavies7804]

@@johnchild61 Well, some little consolation is that all those public servants on huge work pensions won't be eligible for a penny in state pension when that little change rolls around.

[@thomasmanning477]

I'm a self-employed joiner, and I've been saving in my ISA with the hopes of retiring before I'd be allowed money out of a pension (because I'd be a decrepid mess like all tradesmen that work until the retirement age).. The government just want to keep us working till we drop. I'm sick of them picking on lower and middle class while ignoring the super wealthy..

[@BB25_25]

It’s a myth they don’t pick on the super wealthy, they do, that’s why they don’t live here and they still pay the majority of tax. The problem is the scroungers from the bottom of society to the top, who all have a hand in the taxpayers pockets, and politicians who create policies that benefit them instead of us. Shame on labour and shame on Cameron’s tories, they were two sides of the same shitty coin.

[@msclrhd]

Taxing ISAs will effectively make them redundant and pointless. What's the point in saving into an ISA if it is going to be taxed like a regular savings account or stock investment?!

[@owensmith7530]

It's only taxing the gain when that gain is over 100k.

[@HiruS22]

@@owensmith7530 No one knows that's what they're considering, it's all guesswork.

[@UKGeezer]

@@owensmith7530100k isn't that much, lots of people who have saved for the long term would be facing a massive tax bill if this comes into effect.

[@coatesy106]

@@owensmith7530 Its not a gain if you have put that money in yourself.

[@1001legoboy]

Problem is part of gain is due to inflation, which is not a real gain!

[@MegaCityPatrol]

Caused mostly by money printing which is their responsibility.

[@FlyingFun.]

@@1001legoboy the idea was always to take people's wealth with money printing. It's easy, print money drive up inflation and tax the "gains" on peoples homes so much that they cannot afford to pay so you can then swoop in and buy the house with more printed money, nothing the poor sod can do. It's criminal.

[@timg1246]

​@@MegaCityPatrolAlso immigration, which pushes up demand. Which is also their fault and against the oft expressed wishes of the population.

[@kevincowan2639]

@StruanRobertson2911that’s capitalism my friend ✅

[@ianholt154]

@@1001legoboy absolutely, as any of us oldies know from going through massive inflation and double figure interest rates, when you’d be as good as paying for your house every seven or eight years with the interest piled on your mortgage. That doesn’t fit the narrative though, when Two Tier and his bunch of half wits are trying to paint pensioners as a bunch of spongers who have had it soooo easy compared to today’s young house buyers. It’s all relative. Still, anyone of a more mature age who voted for this lot and expected any different from what we’re getting, were seriously kidding themselves. They were dropping enough hints on who they were going to go after and it certainly wasn’t people in inflatables coming from the direction of the French coast!

[@jasonbuksh2958]

Shuffling the chairs around on the UK titanic PLC

[@jackiedelvalle]

💯

[@kevincowan2639]

I’d invest in that PLC I invest in anything

[@alexbosch604]

If there is heavy taxation, what is the incentive to earn more (be it through work or investment)?

[@user-pf5xq3lq8i]

What you gonna do mate...they have hotels full of your replacements. Pay attention.

[@melindagallegan5093]

@@user-pf5xq3lq8iEventually we will all have to make our money to leave the country collapsed for our replacements.

[@ste16kam35]

They better not touch Isa

[@ryanclaridge8395]

@@ste16kam35 think they will eventually if not now before 2030.

[@ste16kam35]

@@ryanclaridge8395 unfortunately, you are probably right…

[@davideyres955]

@user-xx5yf9pb2cbecause people are using this as a retirement planning. Why should you pay tax when people don’t pay tax on the benefits they scrounge? I pay enough tax already and I’m tired of the government of both colours reaching in to my pocket and taking out money I’ve earned to give it to people that can’t be arsed to get off their arses and earn it. I got hardly anything from the government when I was unemployed despite paying over 20k in tax the prior year.

[@n0ah630]

@user-xx5yf9pb2c Because that ruins millions of people's prospects for building long term wealth

[@lzl3lol]

Don't hold your breath...

[@harjbachra24]

When the house was bought 30 year’s ago it would’ve been expensive at that time .

[@Martyntd5]

Exactly.Surte, you could buy a house for £50K 30 years ago, but interest was running between 5% and 10%. The mortgage repayments were 80% of one salary. The interest rates did eventually come down, but then house prices shot up. The end result was that people were still paying the same % of their salary for the same house. The people of Britain are being financially crushed ...and where is the money being spent? Ask the people in Calais, they know.

[@crispyduck1706]

Can you offset the interest you paid on the asset with the mortgage - what a joke

[@JudithWright5]

Exactly

[@helenisherwood3325]

@@harjbachra24 we bought our first house in 1991. The interest rate was 151/2 percent. We were absolutely skint. Walking around on floorboards, ice on the inside of the windows in winter, it was dire. But we survived and now have a nice house, but we have both worked hard. It makes me despair when we feel we have sacrificed so many things to get here like eating out, fancy shopping, holidays, going out for the day in order to get where we are and now they’re going to take advantage of that to give to people who’ve never paid a penny into the system.

[@lesmaybury793]

Also, they are not considering inflation or in real tetms the devaluation of money, over the period property hss been owned. This should be accounted for to remove tax liability.

[@alistairrobinson3865]

If they bring in capital gains on an inherited primary residence then the immediate consequences will be people with home equity will sell and move to another house hence to reduce their potential exposure eg my parents bought house in 2005, so better to crystallize that gain whilst they are alive

[@jameswestcott4191]

@@alistairrobinson3865 and you’re being double taxed on the same asset

[@ant270]

or those terrible looking equity release schemes will suddenly be very popular.

[@helenisherwood3325]

@@alistairrobinson3865 it’s not like your home is actually an asset you can sell and live without. You can downsize but estate agents and solicitors fees aren’t cheap. Also the smaller the house the more it costs in real terms per square metre. If you sell and fully liquidate you’ll have to pay rent to someone and lose the security of stability comes from owning your own home

[@AndrewMair]

It would be surprising if they introduced this without also inflation linking or introducing some sort of CGT free band. The exposure on people who didn't move house for say 40-50 years would be extreme - even if otherwise the estate were below the IHT tax free threshold.

[@alistairrobinson3865]

@@AndrewMair yes indeed, it’s not really a good policy, I’d be shocked if they introduce

[@timothyhowell8565]

Capital gains is a misnomer as inflation often robs real value so not a gain at all much of the time

[@jzw2195]

Taxing to pay for replacement

[@mannion1985]

Do you actually consider investment in a pension and an ISA "tax loopholes"?

[@user-pf5xq3lq8i]

Strangely...he does. Who is he working for??

[@kevincowan2639]

@@user-pf5xq3lq8ihimself? Peter has always encouraged people to use their ISA/Pension allowances

[@ToOldToTurnProcycling]

My father is 92, and still pays tax on his pension after working an extra 5 years instead of retiring at 65, and he was a nursery man ( growing plants ), he's had his heating allowance taken away and the extra allowance that was given to pensioners over 80.

[@46FreddieMercury91]

@@ToOldToTurnProcycling it's totally disgusting. That's why I've decided to quit my job next year at 55 and start taking my company pension. It'll be worth less than if I wait until I'm 60, but there you see what happens if you're deemed " too well off." Labour are completely destroying the incentive to sweat for a living

[@Outdoorshuntingshooting]

So, I take the risk, and the labour government takes the reward?

[@andyhunt7494]

The whole point of investing in a S&S ISA (at least to me), is to do the hard work of getting to £100k so that then compound growth kicks in and you start to benefit from your own diligence. I cannot convey how much I despise these Labour politicians.

[@MrKeefy1967]

I know you're a Hunt, from a long line of Hunts, but why not wait until they've actually declared what they're going to do before you go off on one about a specific change they probably won't even do? For your info, the last 'government' were looking at capping ISAs, raising CGT and many other tax-raising measures. They didn't choose to, but it was definitely put up for discussion, so don't pretend this is just a Labour mindset. Do you know who introduced ISAs? Labour - specifically Gordon Brown in 1999. How does that fit your narrative?

[@andyhunt7494]

​@@MrKeefy1967very original Keefy. Enjoy your one term government 😂

[@MrKeefy1967]

@@andyhunt7494 Thanks, I will. And I sincerely hope that you do too. Maybe a more open mind would help? If they're crap, vote them out and hope to God the Tories have got their act together by then because they can't be re-elected in their current state.

[@andyhunt7494]

@@MrKeefy1967 On your bike pal

[@MrKeefy1967]

@@andyhunt7494 Open-mind. A Hunt is on for yours. Pal.

[@strangetrip837]

Should be 100% tax on work clothes and gifts!

[@LickorishAllsorts]

Perhaps a £1,000 annual allowance to take 99% out of the taxation band.

[@lloydjones7925]

I would have thought a year in prison would be more like it.

[@Trevor-iy6db]

Are we getting to Gold coins under the mattress time 😬? I’ll reserve judgment until after the budget, but I don’t see this going well…

[@2525Hudson]

Agree........ we are going back to the 70's.

[@Alan7997]

How to say you're a communist without saying you're a communist.

[@YakovShani]

They are Red, Crimson Red, Scarlet Red.

[@JohnTruscott-gz9ly]

@@Alan7997 Starmer knows the dishonest corrupt lying person that he is🥵😡🤬🤬🤬

[@stuartregan1627]

Redistribution of wealth the cornerstone of Communism.

[@iandennis7836]

How to spot a reform chucklehead.......let them speak and prove the old adage " better to be thought a fool than speak and prove it".

[@caldwellfisher5288]

Endless speculation. I will wait for the budget. And even then I will watch it the following day, or that evening as highlights.

[@wallace-bv4rl]

I like this point. Some in the comments are reaching the point of an apoplectic seizure. For good or bad there’s a lot of time to live with changes and very little to be done ahead of them

[@endurance-adventures]

Makes sense - no point panicking about anything until it's confirmed

[@julianholley2358]

'Cost the Government' lol. By that logic, taxing people at less than 100% of their incomes is a cost to the treasury

[@maldarkangel]

Exactly i hate the way people talk like taking less from people COSTS the government true socialism

[@Linbrook]

King Charles and the Duke of Westminster did not pay any Inheritance Tax.

[@pmr01]

i notice that the turkeys never have anything to say on this and themselves would never vote for christmas. outdated stupidity and they need to remove these stupid laws...they probably benefit more from the state than the small boats guys do....never see this as an issue somehow.

[@2525Hudson]

As a landlord i have been evicting and selling my BTL's for a couple of years now, i only have 1 property remaining and i am seriously considering putting in a S21 before the ban comes in on that one (but the tenant has been with me for years)............. this country is finished.

[@libraman1303]

Both my teenage kids want to work and live abroad…you can now see why! Think I might join them👍

[@giovannimaiello7529]

Labour, the party for the working man. I think not, I've bust a gut for 50 years, given up an awful lot to end up with my own home, private pension and this government want to strip me of that, what was the point. ???

[@CecilJRhodes]

Good Luck to you Sir, I am in the same boat with you. and yet you can turn up on our shores never having contributed a jot and have the everything gifted you

[@johnmckinlay9538]

Yeah, we bought a holiday flat up in Oban years ago as an investment for our 2 kids, but now could be charged 45% tax when we sell.

[@trickydicky90]

Labour seem to be making it up as they go along. I hope they start to listen to advisers and smart folk around them before making a total mess of things. Leave ISA, leave Pensions, leave inheritance, leave CGT alone. If they want to help things, scrap stamp duty on house purchases and shares that will light a fire cracker in the UK economy. They seem to be killing the goose that lays the golden egg.

[@MegaCityPatrol]

Has anything Labour done so far demonstrated any willingness to listen to anybody outside of their echo chamber? Don't hold your breath.

[@AndrewMair]

Unfortunately, a lot of the party has been infiltrated by left leaning activists and apparatchiks who were previously in pressure groups or think tanks. The "advisers and smart folk" will have been selected to do their bidding.

[@murasakistudio]

If you own something, you own it. If you cannot give it to your kids without them paying tax, it is akin to the abolition of property rights.

[@cshartley101]

Well, they are Marxists. Property is theft and all that commie mumbo jumbo.

[@darrenrichards27]

Not sure where you heard that about ISAs. You pay tax on income before contributing to ISAs so they are hardly going to make you pay tax again on withdrawals, that just wouldn't make sense. Alternatively they could reduce the 20k annual contribution cap on ISAs. I think if they play with the rules too much there would be little insentive to use ISAs in the first place and people will just move themselves and their assets abroad.

[@apoch2001]

Taxing the CGT, not on the withdrawal. Basically, it would turn ISAs into a general investment account. If that happened, I'd be moving all my money abroad, including myself.

[@Mal_Outdoors]

And who are those who have small savings and have tried to be diligent by putting them into an ISA? - Pensioners!!!! (If Labour messes with their ISAs, those pensioners who are not on the breadline but living modestly will then be hit)! 😡

[@JohnTruscott-gz9ly]

Starmer lied when he said he wouldn’t put up taxes. 🥵🤬😡😡😡🤬

[@6581punk]

He said he wouldn't put up income tax and NI. With politicians it is what they don't say which is important and he never said the other taxes wouldn't go up.

[@northernlights5481]

@6581punk, their manifesto was misdescribed then. Omission of critical points isn't a deft maneuver, it's fraud.

[@Simonpocarroll]

He said they wouldn’t raise taxes on ‘working people’ …. Dead people don’t work so inheritance tax, and pensions are up for grabs 😮

[@notgarybrown]

You should see the whoppers he told to win the Labour leadsership. 10 of them infact.

[@sharonwilliams974]

@@notgarybrownProve it…

[@TimSmith-yd9kw]

I hate to say it but anyone who thought this lot would be any better was warned……and you still did it…. Better the devil you know….

[@timsmith1291]

Well said TimSmith 🙂

[@digitalqueen167]

Why are Labour taxing those that have worked hard and taking away money from the poor

[@tobytroubs]

Because they can't Strike

[@parishesofthebuzzard9437]

​@@tobytroubsThey cannot tax the have nots. The ultra rich make the rules. Essential work hard, you pay. Do nothing, you get everything. Ultra rich, it doesn't matter.

[@kevincowan2639]

Because you doofuses voted them in!!!! I voted Reform UK by the way 👍

[@sandradavies7804]

If they want people to set up their own pensions (on which you pay income tax) and not rely on the state, and there is truth in the rumour that if you have private pensions you won't get any state pension - meaning you will have, after tax, exactly the same income as somebody who's not worked and so is getting the full state pension - then where is the incentive to work and save? Just sit back all your life and let the state give you that amount of money. One problem there, if nobody works any more, nobody is paying tax, so there's no money in the pot for that state pension. This theory could be wrong?

[@JohnTruscott-gz9ly]

Bye bye U.K. anyone with loads of money will leave this Country, this Government is ruining this Country!!

[@ant270]

^loads...^any.

[@BAmalakas]

Can’t take houses and land with them can they

[@davidpereira9058]

Nonsense.. if the rich don't pay their fair share then they can piss off.. competition will take over.. that's the point.. we want business who care about the longevity of the country they trade in!

[@hannah60000]

So they claim.

[@paulcoates3860]

They are, and have, 1000s of business owners ,employers of 1000s are leaving uk to Spain once they move assets to Gibralta n register company there, as then yiu don't pay capital gains or inheritance tax, they buy a flat £150k n become a Gib citizen nearly zero tax n no vat😂,

[@MadderPrinciple]

Very well examined - our tax system is too complex and reflects a weak low growth economy. Until, there are fundamental changes to the economy regarding growth, Governments of all parties will continue to fragment the taxation system to garner more funds. However, this is a short term strategy as the disincentives will be considerable. I'm with you on leaving alone pensions and ISAs. I think these possible changes would undermine both products and that would have huge impact on financial services and poverty in retirement going forward.

[@petern1938]

When you say a specific change 'won't be popular' you need to think, are the angry people likely to be Labour voters? If the answer is no, then Labour aren't going to give a stuff.

[@beer12456y]

Sad but probably true

[@wicky525]

Do you not think Labour has already alienated it's traditional voter base over the riot " labeling" of them as far right ?

[@bigben8272]

None of this was in the manifesto

[@benking9593]

Is there anything about the single occupant allowance for council tax being abolished? Genuinely worried about this

[@paulinepress3024]

Mectoo but I just will not pay it. Ridiculous to charge a lone person full tax when a property with up to 4 wage earners pays same amount

[@KevenHutchinson-gt1nn]

It's been confirmed they won't go ahead with it.

[@johncutmore4710]

​Yes, the right wing media are making up all sorts of scare stories as clickbait.

[@anne13river]

Council tax should be charged on number of rooms rather than value. Houses in London are obviously more expensive than outside but if you bought a house 40 years ago you bought it for about a quarter of what it's worth now but it's just a home to you. Capital gains comes into play when sold so the taxman will still get his share someday.

[@patpalloon]

Council tax scrapping of 25% single person discount would be massive - it would see individuals council tax bill rise by 100's of pounds every year.

[@pauldick516]

do your research.....council tax is NOT compulsory

[@endurance-adventures]

It would see mine rise!

[@UKGeezer]

Assuming a 5% increase in council tax on top of that, mine would increase by around £500 next year.

[@endurance-adventures]

@@UKGeezer not good is it? 😟

[@UKGeezer]

@@endurance-adventures Nope

[@roberthall8473]

It’s not capital appreciation over the years on your house it’s devaluation of your money over time.

[@RJAlmond1]

What do you mean "equalising CGT to income tax will bring in more money"? Where's your proof? The last analysis I saw from the treasury said it would REDUCE the revenue because people are less likely to sell, I know I am!

[@andywhitfield79]

Same here but from every article I am reading this seems to be the one everyone is convinced will happen. Common sense says people will sit on their assets as I also will do but I'm not confident Labour have any common sense.

[@timfireblade]

Why bother risking your money if you are going to be taxed 40% with no allowance for indexation. Stick it in UK Gilts, no tax and no tax revenue for the government.

[@mikeroyce8926]

@@timfireblade The coupons (income) from gilts are subject to income tax, but under current rules UK gilts are exempt from capital gains tax (as are gold sovereigns).

[@timfireblade]

@@mikeroyce8926 Thanks for correcting me.

[@raythomason3]

One should consider the purhasing power of the cost of a house in 1960 and the purchasing power of the cost of a house in 2024.

[@james989]

If they make ISA's taxable at 100K and bring pensions into estate for IHT then I will be looking to leave the UK.

[@Thaitanium73]

However will the UK survive without you...

[@bikeman123]

But how would you take your ISA and Pension out?

[@timg1246]

​@@bikeman123If ISAs become taxable, why have one ? Take that money abroad instead. It is not just Mullins who is already planning to leave. At the moment it appears as if some thousands of high worth individuals who have plans to go. This will push the nett worth of those people down.

[@martinbayliss3868]

They will introduce an exit tax.

[@parishesofthebuzzard9437]

Might as well retire early. If they CGT ISA gains, the market might crash as people move out of stocks into cash.

[@primusstovis3704]

Labour just do not want the people to have money or aspirations of a better life.

[@andrewscarr8943]

@@primusstovis3704 , …unless you are a member of the apparatchik.

[@scottiskwl]

@@primusstovis3704 I agree, but Sunak was a high tax Tory too.

[@primusstovis3704]

@@scottiskwl The Tories lost their way. So much so that I didn't even consider them conservatives. High taxation, high borrowing, high spending. These are not conservative policies. Ever since Cameron took over the Tories got worse with every following PM. Labour stopped being Labour (as in for the working people of the country) long ago. That should have become perfectly clear when Blair started partying along side the rich and shameless of the time. He was in it for the power and money.

[@arcamz]

Abolishing the uplift rule is not an equal tax. Families who bought their house 30 years ago and never moved house pay more tax than families who moved house and reset the purchase price.

[@sandradavies7804]

You would be OK with the AIMS? Even if that means the closure of all those businesses that Reeves says are so important to the economy? It's not even as if the government is going to get a lot of tax revenue from them either, because that money will just evaporate, so not much to tax.

[@Benzknees]

Undermining pensions, inheritance, start-ups, enterprise & investment, all so public sector workers can have a big payrise, despite them earning 7% more in median terms, benefiting from 2x-3x higher employer pension contributions, longer holidays, and secure employment. The country is fupped with this lot in charge.

[@davidcameron8163]

Rip uk . My children and I are already selling up and moving abroad before the liebour dictatorship stops us from moving our money out of the country. Unfortunately we will be watching the uk implode on itself and collapse into total anarchy. I’m not one of the wealthy few , at the age of 65 I just don’t recognise this country anymore. Good luck to you all because you certainly going to need it. Bye

[@jp6975]

Courageous move. Good luck and best wishes. Those of us staying for a while will certainly be done for

[@kevincowan2639]

I could bet you a tenner she ain’t going anywhere!

[@pmr01]

@@kevincowan2639 im sure they will not baulk at all at paying tax in another country.

[@johncutmore4710]

​@@pmr01Great, means fewer votes for Reform.

[@maxodidily]

If they do hike up capital gains without indexation or some form of inflation releif or go after ISAs. I simply won't sell and they will gain 30% or 40% or 50% or whatever % they like of £0.

[@paulcoates3860]

Cash is not an Assett ! Sit it in the bank n watch it's purchasing power drop with inflation over time,. An asset gives you cash flow return, eg property rent, shares dividends.

[@Lupinicus1664]

The example of the Capital Gains Uplift removal, of the house being passed to children on death, means that for the majority of people it becomes an inheritance tax by the back door. Why can't a sitting government just tax the physical (not portable) assets of the super rich? Not income. Even changes to taxes being considered now should have thresholds such that people in the lower third to half of the income/financial bracket should be affected. For too long the tax burden has been born by the poorest and those struggling to raise families.

[@MegaCityPatrol]

House price inflation (and other asset inflation) has been the direct result of money printing. The government prints money and then taxes us for a situation they created ... nice eh?

[@leobrown6875]

90% of London is done for if this happens

[@kevincowan2639]

90% of London are overweight

[@pmr01]

catch up with the rest of the country after the mess the convict and his gang left behind.

[@pablodelnorte9746]

@@leobrown6875 Good.

[@davidwhitton5519]

The first one regarding removing capitol gains uplift would be fair if it was linked to inflation ie, deducting the inflation rate over the years then charging capitol gains on the true uplift in price.

[@petern1938]

Surely the uplift rule is there because, on death of the parent, the increased value of the property has already potentially been subject to tax (IHT). Is RR looking to tax it once for IHT and again for CGT later on?

[@alistairrobinson3865]

@@petern1938 that’s the theory, I’m doubtful it will happen

[@sayitlikeitis8759]

You will own nothing and be happy (or else!)

[@timg1246]

It doesn't make sense. I am sure some of these ideas are floated to make them look better when it does not happen.

[@dipoa8588]

Just a comment on the first topic. Surely the initial increase in the value of the property {from £100k to £500k}would have been considered when the inheritance tax due is calculated at the time of death of the parent? If what you say happens, then the initial £400k gain would be taxed twice.

[@michaelnaylor1815]

Also inflation isn’t taken into consideration. What would a £100,000 property 20 years ago be worth now with inflation alone

[@mrgrumpy771]

This is just terrifying. There should be no CGT on the family home. Pensions would only be part of the estate of those in private business. Not the public sector of course. Two tier approach then?

[@Ukmongoose3]

As well as stamp ‘duty’

[@brianharris4731]

Taking into account expenditure on maintenance of the property, and the cost of upgrading to conform with Government Climate aims, and last the effect of inflation devaluing our money. X amount paid originally should become a taxable value of Y minus( X plus inflation)?

[@D76-z2h]

If they place a retrospective cap on ISA savings, it will be a catastrophe as they will in fact penalise those savers effected twice. Cash ISA's pay lower rates of interest than taxable savings accounts. So anyone with fixed savings is stuck in the wrong product until maturity. The only way that works is to agree with banks to effectively allow those affected to pull their money out of fixed accounts, or swap products without penalty. And lets face it the message to the UK population is DO NOT SAVE IN BANKS as effectively whats to say they couldn't lower the threshold further when their ill thought out plans cause more problems than they solve.

[@thedigitalemotion]

How quickly will the changes happen once the budget is done? Is it immediate?

[@dels-life]

ISA Cap starts at 100k, then they move it to 50k, then 10k, etc

[@SisterAbdullahX]

Pretty much guarantees a one term. Hopefully they’ll be gone by 2029.

[@kevincowan2639]

@@SisterAbdullahXLabour is staying for a long time. If you haven’t noticed yet the elections in this country are rigged they don’t like change to often that’s why conservatives stayed for so long. We’ll get another PM obviously but the labour are here to stay

[@simonbeasley989]

Any tax on savings interest seems wrong. I am in a fortunate position to have paid off the mortgage and have some savings, nowhere near the £100k you mention I must add. To me interest is not a profit, it's just compensation for the inflation that makes my money worth less in future. Also i paid income tax and NI on the take home pay before I can save it, and I'll be taxed on most things I buy if I were to withdraw and spend.

[@LesleyWright-g5v]

Power hungry It’s all about control with this lot!! Very worrying !!

[@StephenCrossland-im6wx]

They ask young people to invest in ISA's for their retirement and now considering taking away the tax incentive as at the same time government advisor's talking about ending the state pension ( not N I contb). What are 30 year olds going to live of 30 or so years time thin air ?

[@Jonnyicey]

The isa cap would be absolutely stupid

[@peterkelly8357]

They are absoulutely stupid, and vindictive.

[@711-v3k]

i dont mind it at 10m or so

[@soniadoorgasingh7223]

Just another broken promise having got us to pour everything into ISAs for the tax free benefit to now have it taken away. Would be ludicrous and extremely shortsighted.

[@kevincowan2639]

Would it affect your financial future JonBoy?

[@711-v3k]

@@kevincowan2639 Depends where they put the cap, anybody with anything above the cap, it would, theres a load of people (self employed), that never got to join a company pension, and have the employer add to it, so the isa is the only thing they have, the politicians will be ok, it would defiantly affect my financial future, i thought they would suck, but i never guessed they would be asinine

[@libraman1303]

Calculating if someone has made £100k in an ISA is not going to work. I withdraw profits on a regular basis, so the balance of the ISA looks static. Also…lots of people lose money on SSISAS, will they be getting a tax refund on any losses incurred?

[@stevenmoses5807]

R.i.p Britain, murdered by the labour extremists party

[@Jimbo23107]

I have an isa which the interest is half of my pension income, how would I live if they started to tax this ?

[@albedo0point39]

Please explain why the pension outside of estate thing is so good… I don’t get it. Inheritance tax is 40% after the allowances, but after inheritance tax is paid, the money is not taxed further when distributed. Inherited pensions after 75 are inheritance tax free…. But when you draw from them it’s at your marginal tax rate, which for most folk will be 40% if they’re working. So where’s the gain?

[@user-pf5xq3lq8i]

Eh? Please explain it in simple terms..i don't follow you.

[@Occido391]

@@albedo0point39 Because your inherited pension would be taxed twice leaving less than half. For example a £100,000 pension is taxed at 40% inheritance tax (assuming allowance has gone on the main house) - this leaves £60,000. Then the £60,000 is taxed as income leaving the beneficiary with either £48,000 for basic rate or just £36,000 for a higher rate. Therefore if the change is introduced the effective tax rate on the pension will be 64% (which is insane).

[@albedo0point39]

@@Occido391 that makes sense - if the pension funds were still classed as pre-tax once inheritance tax was applied…. so yes, you’d pay twice (which is insane). Is this really how they’d implement it though… or would those funds be reclassified as post-tax for income purposes? I guess we might find out soon!

[@ianh3365]

As long as the mega corporations are paying a pittance in tax, any tax changes on personal taxes will always feel like they missed the target.

[@Brigadoon059]

I wish more people / commentators would talk about "indexation / transitional relief". Without this (and it used to exist before they reduced capital gains tax rates) capital gains tax simply becomes, to a very large extent, a tax on inflation. An asset bought 20 years ago for £5,000 using CPI inflation data would cost £8,743 today, i.e. a capital gain of £3,743.00. Tax at say 40% = £1,497.20 leaving one with less capital, in real terms, than they started with. In the CGT debate this is the most important issue yet almost nobody talks about it, sleepwalking into madness.

[@pmr01]

totally agree with this...more fiscal drag

[@philipjamesparsons]

Also known as illusory gains. After inflation there is no real gain. House price gains are mostly illusory.

[@craigmckibbin7095]

Thanks for the succint clarifying video on labour’s options with example scenarios and for sharing your own professional opinion.

[@george11419]

I can now understand why our forbears buried their gold.

[@beer12456y]

For me any changes to pensions in terms of access age, inheritance or pension freedoms would make me stop paying in. The above just about make it worthwhile to tie money up until 58. Capital gains tax I could probably live with, messing with ISAs would send the wrong signal as well.

[@suecharnock9369]

CGT - so, don’t sell any property you inherit. Pensions as part of your estate? What an absolute travesty. Mind you, my parents don’t have any private pension, Brown made sure of that last time liebour were in power.

[@mjribes]

Labour is basically punishing anyone who has been successful. That disincentivises hard work, which is the bedrock of company and job creation. The ISA limit is pure madness! It effectively pulls up the drawbridge to one of the few wealth-creation tools still available to young people.

[@wingingninja]

Do you think those inheriting their parents house are likely to move into it rather than sell it avoiding capital gains altogether? This? would slow the housing market right down Alternatively renting it until the labour government have voted out

[@HiruS22]

I believe it would be assessed for value and inheritance tax charged whether it was sold or not.

[@qed456]

here's a radical idea seemingly not thought of by politicians - errr decrease spending?

[@PassiveFIRE]

^^^^ This 100% ^^^^

[@6581punk]

The issue is that means you have to sack people. A left-wing government won't do that as the people would be union members and Labour voters.

[@timg1246]

If the Tories are not interested in cutting costs, does anyone seriously think these student union wannabes will ever do it ?

[@Haawser]

How about a REAL windfall tax (read- anti-gouging tax) on energy producing companies that are still reporting record high profits while families struggle to pay their inflated prices and pensioners freeze to death ?

[@hypersynesthesia]

LOUDER.

[@well-blazeredman6187]

We are already at the point where companies, like Harbour, aren't bothering to exploit the North Sea. They're over-taxed.

[@petermorris3665]

Surely pensioners will be 'freezing to death' because Liebour have taken their heating payments to pay off their union masters for the engineered pre-election strikes?

[@CJMVector321190]

@@Haawser more than the 80% already. Or are you talking about the middle men Utilities that produce no energy but get away scott free.

[@paulinepress3024]

That would be too easy

[@jacquidonnelly9065]

Not happy about ISAs being taxed. Need to look at withdrawing a chunk to stay just below the level. Haven't used my allowance yet so can always reinvest if they don't bring in a cap.

[@wicky525]

Has anything this Govt done not gone down like a lead balloon ?

[@stuartgraca]

Does this not effectively mean a person inheriting a £600000 house is in affect buying it for £140000 . Seems fair enough . Having paid the capitol gains on inheritance is it then subject to more capital gains tax as a second home or if it is then sold for the £600000 .

[@MarkFoster321789]

As I said in a previous YT message: Starmer gives Italy £4 million to help improve on their border control, while we in the U.K. suffer more with endless financial burdens. Can anyone PLEASE explain to me…is there any justification for Starmer for wasting endless amounts of money to the Italian government on their migration issues, when he should be helping US? Answers on a postcard 😡😡😡🤬🤬🤬

[@arthurcoppock4199]

@@MarkFoster321789 The boat people who cross the channel often come in via Italy so he's trying to break the cycle early. Seems sensible.

[@Crox-bd3pt]

Inheritance tax on pensions makes sense. You keep your money until you die, the tax will be taken from your estate after your death. Taxing ISA's would be stupid If the government wants people to save or invest and to relieve pressure on the pension or benefit system, but I saw some figures recently, (I think it was either from the last tax year or the year before), only 12 million adults from a population on 45 million subscribed to ISA'S that year, of those 12 million only 7% used the full £20000 annual allowance. My guess is that the annual allowance will be cut.

[@mj8325]

Maybe but that would mean pensions could no longer be held in unit trust so capital gains would have to be paid by the fund managers which would make pensions pretty pointless